On eBay, the old saw "a fool and his money are soon parted" rings true every day. The latest: Challenger mania. Proving that some people have more money than sense, a Challenger 2008 SRT8 Tribute Ballcap sold for $152.50. A 24" x 36" Challenger poster is going for $70 and the bidding on a brochure is starting at $100. A press kit from the Chicago Auto Show is up to $160. It's the actual cars where things get really freaky. There are several dealers trying to auction them starting in the mid $50k range. The craziest one, though, is the deal that closed out at $228,143.43. What made it so special? It's painted "legendary B5 Blue, honoring racing legend Richard Petty" (who, to the best of my knowledge, never drove a Challenger) and comes with a "custom #43 Richard Petty Designed Decal Package."
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You may all laugh at the buyers, but I applaud the sellers for making a killing on this pre-launch hype. Ain’t capitalism grand?
Ain’t capitalism grand?
As Frank justly points out: as long as you find enough idiots to sell your ware to!
With eBay, is that really a problem?
The $228k Challenger is part of a charity auction which includes a few other items (race tickets, meet /w Kyle Petty, airfare, etc, etc); I can easily see the auction hitting this price for a wealthy race fan who would like to make a charitable donation.
Hopefully this is a bit more then capitalism at work – and yes, it says that 100% of the proceeds go to the charity.
Well..there is a link between this car and Petty. It was sold for the Victory Junction Gang charity which was founded by his son. So, don’t be “petty” about it. Oh, such a bad joke.
Brendon from Canada
I can easily see the auction hitting this price for a wealthy race fan who would like to make a charitable donation.
So does this mean the buyer can take it off his taxes?
FWIW, I’ve always felt that if someone is going to make a charitable donation, they should do it and not expect any kind of merchandise in return. Once merchandise changes hands it’s a sale not a donation, no matter how much they overpaid for the item.
With eBay, is that really a problem?
Haha! I assume not, although I don’t use ebay much.
The sales are predicated on the Bigger Idiot Theory, that a bigger idiot will come along and pay even more for it. Invariably the guy at the end of the line, the biggest idiot, is left holding the bag.
It makes me wonder where these idiots get the money to pay for these things.
@Frank Williams:
To be honest I have no clue what the taxation details might be like; since I learned about the auction here, it’s all new to me – and I’m not even a US citizen (as such, I’m unsure of US taxation laws).
While I agree that donations should be done for the sake of donating, rather then a transaction, let me paint a slightly different picture for you;
For a given charity, is it better to receive a 100k donation, or 150k donation? If the 150k donation is actually a 200k donation with a 50k “prize” thrown in, does this make a difference. Obviously a moralistic question so I wouldn’t expect consensus here, however I’m sure this is the angle tha the charity is looking towards. The auction simply plays up the ability to raise a bit more money; I’ve learned that people who are significantly more wealthy then I often have a significantly different take on the “fun” of auctions….
@Gardiner Westbound / Lumbergh21 : I’m hoping that this wasn’t as much a case of a “fool and his money”, so much as someone for whom 200k simply isn’t as great a concern as it would be to most of us…
Too many old white men with too much money. The Challenger and Camaro are Viagra on wheels.
I’m sure no one here has overpaid for an item they really wanted.
I remember PT Cruisers going for 5k+ over sticker… then not 3 years later new ones going for 5k+ UNDER sticker. I could see this one being worse in terms of drop…. 55k at auction on ebay, 3 years later (if they’re still making them) 25k loaded. I hope it doesn’t turn out like that, but if I had to bet money…
Wait till the new Camaro… Every idiot AND their brother will be driving the prices up initially, not just idiots on this Challenger.
Just like the new Nissan GT-R. Good luck paying sticker for one. If you can even get one.
Though I am not a tax professional, and this in no way constitutes advice, I believe that the MSRP of the car and the purchase value of the air tickets and attendant benefits are not tax deductible; any overage which is benefitting the charity (presuming tax exempt status) is deductible.
roberthelfrick
Though I am not a tax professional, and this in no way constitutes advice, I believe that the MSRP of the car and the purchase value of the air tickets and attendant benefits are not tax deductible; any overage which is benefitting the charity (presuming tax exempt status) is deductible.
So they get a Challenger at list and a huge tax deduction. Sweet!
So does this mean the buyer can take it off his taxes?
To the extent that he paid more than the fair market value of the merchandise, the answer is yes.
SherbornSean :
February 25th, 2008 at 11:56 am
Too many old white men with too much money…
You’re right. We should get the government to take it from them before they spend again.
Brendon from Canada:
I’m thinking more in terms of the on-line auctions being run by dealers and the auctioning of posters, hats, etc. where there is no tax exempt donation involved.